UK Horse Racing In Crisis As Betting Turnover Plummets
UK horse racing is in crisis, according to experts, as online betting turnover has plummeted over the last two years. New figures from the Gambling Commission show a £3 billion decline in turnover – a 16.3% drop – and the sport is in trouble.
Even Worse When Adjusted for Inflation
When you adjust for inflation it’s a £15 billion drop. And it’s getting worse in 2023 with year to date figures showing a 9.5% reduction. The Racing Post has been highlighting this for ages, it’s a big issue, it’s on top of the existing problems of reduced media rights and sponsorship revenue and the unaddressed calls to reform the betting levy. And on top of that wages are rising and National Insurance contributions are going up.
The industry has blamed much of the decline on the recently introduced affordability checks for online gambling which were designed to be responsible but have hit horse racing harder than anyone else. In a statement the Racing Post said: “The government must recognise the disproportionate effect of gambling’s affordability checks on UK racing, which attracts higher-staking customerscompared to other forms of sports betting.”
The statement pointed to Gambling Commission stats which show that while horseracing turnover fell 16.3% other sectors did better, greyhound racing down 12.9%, football 7% and online slots flat.
Call for Government Action
Conservative MP Nick Timothy echoed these sentiments, saying it’s time for action. He said: “These statistics show exactly why so many are worrying about the effects of disproportionate affordability checks on horseracing. I’ve raised this problem—along with the need to reform the levy—repeatedly since I was elected, and while the words have been warm, ministers are yet to come forward with solutions. The decline in betting on horseracing shows how urgent this is.”
Greg Swift, director of communications for the British Horseracing Authority (BHA), also weighed in, calling for a thorough assessment of the impact of affordability checks. He stressed the importance of collaboration and independent review, stating: “One of the things we have made clear to the commission is the need to work closely with DCMS, betting operators, bettors, ourselves, and wider stakeholders to make sure the results of phase one of the pilot tests are independently reviewed. They must be subject to really rigorous independent evaluation to fully understand the potential implications of these checks.”
